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Oecd Development Centre OECD DEVELOPMENT CENTRE Working Paper No. 276 EXTRACTING THE MAXIMUM FROM THE EITI by Dilan Ölcer Research area: Global Development Outlook February 2009 Extracting the Maximum from the EITI DEV/DOC(2009)1 This series of working papers is intended to disseminate the Development Centre’s research findings rapidly among specialists in the field concerned. These papers are generally available in the original English or French, with a summary in the other language. Comments on this paper would be welcome and should be sent to the OECD Development Centre, 2, rue André Pascal, 75775 PARIS CEDEX 16, France; or to [email protected]. Documents may be downloaded from: http://www.oecd.org/dev/wp or obtained via e-mail ([email protected]). The opinions expressed and arguments employed in this document are the sole responsibility of the author and do not necessarily reflect those of the OECD or of the governments of its Member countries Cette série de documents de travail a pour but de diffuser rapidement auprès des spécialistes dans les domaines concernés les résultats des travaux de recherche du Centre de développement. Ces documents ne sont disponibles que dans leur langue originale, anglais ou français ; un résumé du document est rédigé dans l’autre langue. Tout commentaire relatif à ce document peut être adressé au Centre de développement de l’OCDE, 2, rue André Pascal, 75775 PARIS CEDEX 16, France; ou à [email protected]. Les documents peuvent être téléchargés à partir de: http://www.oecd.org/dev/wp ou obtenus via le mél ([email protected]). Les idées exprimées et les arguments avancés dans ce document sont ceux de l’auteur et ne reflètent pas nécessairement ceux de l’OCDE ou des gouvernements de ses pays membres Applications for permission to reproduce or translate all or part of this material should be made to: Head of Publications Service, OECD 2, rue André-Pascal, 75775 PARIS CEDEX 16, France © OECD 2009 2 © OECD 2009 OECD Development Centre Working Paper No. 276 DEV/DOC(2009)1 ACKNOWLEDGEMENTS .......................................................................................................................... 4 PREFACE ....................................................................................................................................................... 5 RÉSUMÉ ........................................................................................................................................................ 6 ABSTRACT .................................................................................................................................................... 7 I. INTRODUCTION ..................................................................................................................................... 8 II. THE EITI: HOW EFFECTIVE? ............................................................................................................. 10 III. THE EITI IN THEORY ......................................................................................................................... 13 IV. THE EITI IN PRACTICE ..................................................................................................................... 17 V. THE EITI IN A PRINCIPAL-AGENT FRAMEWORK ..................................................................... 31 VI. WAYS TO EXTRACT THE MAXIMUM FROM THE EITI ............................................................. 34 VII. CONCLUSION .................................................................................................................................... 36 ANNEXES .................................................................................................................................................... 38 REFERENCES ............................................................................................................................................. 41 OTHER TITLES IN THE SERIES/ AUTRES TITRES DANS LA SÉRIE .............................................. 44 © OECD 2009 3 Extracting the Maximum from the EITI DEV/DOC(2009)1 The author wishes to express her sincere appreciation to Helmut Reisen for having provided support and inspiring comments throughout the writing of this paper. She would further like to thank Francisco Paris (EITI Secretariat) not only for having taken time to discuss the EITI and provided specific information, but also for his comments on a previous draft. The author would also like to thank Peter Eigen (Chair of the EITI Board), the EITI Secretariat, Antoine Heuty (Revenue Watch Institute), Anton Op de Beke (IMF), and Sarah Pray (Publish What You Pay) for feedback on an earlier version, and Susan Aaronson (George Washington University) for an interesting discussion on the subject. The author is grateful to colleagues at the OECD Development Centre, particularly Mathias Bianchi, Juan De Laiglesia, Guillaume Grosso, Burcu Hacibedel, Andrew Mold, Charles Oman, Espen Prydz, and Henri-Bernard Solignac Lecomte for having provided inspiration, assistance and useful ideas. Comments and suggestions from participants at the OECD Development Centre Internal Research Seminar in October 2008 are acknowledged. Errors, shortcomings and views remain the responsibility of the author. 4 © OECD 2009 OECD Development Centre Working Paper No. 276 DEV/DOC(2009)1 Transparency is increasingly viewed as central to curbing corruption and other dysfunctions of resource rich developing countries. The Extractive Industries Transparency Initiative (EITI) is one of the initiatives, through which the international development community pushes for increased transparency. For example, G8 has, since Evian 2003, strongly supported the EITI as a tool for curbing corruption and improving governance in resource rich countries. Six years have passed since the EITI was launched. Questions start rising about whether the EITI is having an impact or whether there are ways of improving this initiative. This paper contributes to that dialogue. The paper finds that although the EITI has been very useful in directing the international community’s attention towards the extractive sector, it has not been able to significantly lower corruption levels. Several deficiencies with the EITI are identified in this paper. One of the main issues is that the EITI’s minimum disclosure standards and its focus on material payments between the government and the extractive companies are not sufficient to provide sound information on revenue streams and enable scrutiny by the general public. Another issue is that the EITI takes for granted that a strong and independent civil society, including a free media, already exists in countries implementing the initiative. To address these issues, this paper recommends that the EITI be embedded in a broader reform process and linked to credible institutions, particularly judicial ones. Furthermore, EITI needs to become stricter on definitions and information disclosed in the country reports. In addition to current efforts, EITI and other institutions need to make more efforts to strengthen the civil society’s position and ensure a free and independent media in implementing countries. This is indispensible for not only EITI’s success, but also for other initiatives promoting transparency. Finally, this paper calls resource rich OECD countries to implement this initiative, rather than just supporting it financially. Javier Santiso Director and Chief Development Economist OECD Development Centre © OECD 2009 5 Extracting the Maximum from the EITI DEV/DOC(2009)1 Pour beaucoup de pays riches en pétrole, en gaz ou en minerais, le développement semble hors d’atteinte : les riches s’enrichissent, les pauvres restent pauvres, les inégalités augmentent, l’économie stagne, la corruption s’étend et les conflits s’aggravent. L’initiative pour la transparence dans les industries extractives (ITIE) a contribué à mettre en lumière un secteur longtemps resté dans l’ombre. C’est un des instruments de soft law de la communauté internationale pour lutter contre la corruption et aider les pays riches en matières premières à bénéficier des revenus de leur sol. Néanmoins, les indicateurs de corruption montrent que les pays qui ont adopté l’ITIE n’ont pas vraiment amélioré leur performance en la matière. Faut-il alors attendre moins de l’ITIE ? Peut-elle être plus efficace ? Ce papier souligne certaines limites du fonctionnement de l’ITIE et formule des recommandations pour renforcer son efficacité. Mots clés: matières premières, corruption, transparance, ITIE. Classification JEL: M14, Q32, Q38. 6 © OECD 2009 OECD Development Centre Working Paper No. 276 DEV/DOC(2009)1 For many countries rich in oil, gas and minerals, development remains an elusive goal. The rich get richer, the poor stay poor, inequality rises, economies stagnate, corruption flourishes and conflict deepens. The Extractive Industries Transparency Initiative (EITI) has helped to direct attention towards this sector, which has traditionally been shrouded in secrecy. It is one of the international “soft law” tools supported by the international development community to curb corruption and help resource-rich countries benefit from the revenues from their soil. However, corruption indicators show that EITI countries are not really improving their scores. Does this suggest that there should be a scaling down of expectations about what the EITI could deliver or can it be made more effective? This paper highlights deficiencies in the way the EITI works and makes recommendations that
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